President Obama Nominates Federal Reserve Chair

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On October 9, President Obama nominated Janet Yellen, currently the Vice Chair of the Board of Governors of the Federal Reserve, to serve as Chairman of the Board. President Obama framed the nomination as “one of the most important appointments that any President can make.” He described Governor Yellen as committed to maintaining stable prices, promoting maximum employment, reforming consumer protection, and addressing the issue of “too big to fail.”  Ms. Yellen’s nomination is subject to Senate approval.